The National Assembly on Thursday passed the 2025 Appropriation Bill totalling N=54,990,165,355,396 (Fifty-Four Trillion, Nine Hundred and Ninety Billion, One Hundred and Sixty-Five Millon, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira) only into law.
It increases the initial proposed Appropriation submitted by the Executive by N700 Billion to take care of some infrastructural projects.
The National Assembly said the budget will help return the country to the January – December budget circle.
The Senate debated the general.principles of the bill on Thursday, 19th December, 2024. The Bill was read the second time and referred to the Committee on Appropriation for further legislative action.
The 2025 estimates was passed for a third reading on Thursday. after presentation by the Appropriation Committees at both chambers.
Chairman Senate Committee on Appropriation, Adeola Olamilekan presented the report of his committee which was subjected to a clause by clause consideration at the Committee of Supply.
Highlights of 2025 Appropriation Bill as passed on Thursday without a dissenting voice except for Senator Victor Umeh observation that no Kobo was allocated to the South East – North East proposed rail line.
A sum of N=3,645,761,358,925 (Three Trillion, Six Hundred and Forty- Five Billion, Seven Hundred and Sixty-One Million, Three Hundred and Fifty-Eight Thousand, Nine Hundred and Twenty Five Naira was approved for Statutory Transfers,
For Debt Service a sum of =N=14,317,142,689.548 (Fourteen Trillion, Three Hundred and Seventeen Billion, One Hundred and Forty-Two Million, Six Hundred and Eighty-Nine Thousand, Five Hundred and Forty-Eight Naira} was approved while a sum of =N=13,064,009,682,673 (Thirteen Trillion, Sixty-Four Billion, Nine Million, Six Hundred and Eighty-Two Thousand, Six Hundred and Seventy-Three Naira) only was approved for Recurrent (Non-Debi) Expenditure.
The sum of =N=23,963,251,624,250 (Twenty-Three _ Trillion, Nine Hundred and Sixty-Three Billion, Two Hundred and FiftyOne Million, Six Hundred and Twenty-Four Thousand, Two Hundred and Fifty Naira) only is for contribution to the Development Fund for Capital Expenditure for the year ending on the 3lst day of December, 2025.
Estimates of the 2025 budget estimates are as follows: Aggregate Expenditure N54,990,165,355,396, Statutory Transfers N3,645,761 ,358,925, Recurrent Expenditure, N13,064,009,682,673, Capital Expenditure N23,963,251 ,624,250, Debt Servicing N14,317,142,689,548, Fiscal Deficit 13.08 Trillion and Deficit/GDP 1.52% .
The initial proposal of the Executive proposal was $149,740,165,355,396 (Forty-Nine Trillion, Seven Hundred and Forty Billion, One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira)
“The Senate Appropriation Committee chairman said while processing the Bill, the Joint Committee on Appropriations met the President’s Economic Team which includes the Coordinating Minister of the Economy/Minister of Finance, the Minister of Budget and Economic Planning, the Minister of State, Finance, the Director General, Budget Office of the Federation, the Director General Debt Management Office and the Accountant General of the Federation, to further discuss the revenue projection and expenditure of the 2025 Appropriation Bill.
“After the series of meetings held, the Committee on Finance in conjunction with our Committee sourced additional revenue from some revenue generating
Agencies, detailed below: Government-Owned Enterprises (GOEs) N1,823, 879, 970, 637 , Federal Inland Revenue Service (FIRS): N41,497,600,000,000 (Federal Government’s 52% share of the increase in revenue from 22.1 trillion to 825.1 Trillion after the deduction of cost of collection), Nigerian Customs Service (NCS): &41,209,000,000,000 (Federal Government’s share of the increase in
revenue from &6.5 trillion to 9.0 trillion after the deduction of cost of collection).
According to Adeola a “total sum of N4,530,479,637 additional revenue realised from the above effort was communicated to the Executive who applied the funds to address critical challenges and advance the Governments development,”